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ORDINANCE NO. 031223
Accepting
the recommendations of the Tax Increment Financing Commission as to the Seventh
Amendment to the Eleventh Street Corridor Tax Increment Financing Plan;
approving the Seventh Amendment to the Eleventh Street Corridor Tax Increment
Financing Plan; and designating an Expanded Redevelopment Area.
WHEREAS,
pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended
(the "Act"), the City Council of Kansas City, Missouri, by Ordinance
No. 54556, passed on November 24, 1982, and thereafter repealed and amended in
certain respects by Committee Substitute to Ordinance No. 911076, as amended,
passed on August 29, 1991, created the Tax Increment Financing Commission of
Kansas City, Missouri (the "Commission"); and
WHEREAS,
on December 10, 1992, the City of Kansas City, Missouri, adopted the Eleventh
Street Corridor Tax Increment Financing Plan by Ordinance No. 921355, which
approved the Redevelopment Plan, found the area described therein
("Redevelopment Area") to qualify as a Conservation area; and designated
the Redevelopment Area as a Redevelopment Area pursuant to the Act; and
WHEREAS,
on April 11, 1994, the Commission recommended adoption of the First Amendment
to the Eleventh Street Corridor Tax Increment Financing Plan (the "First
Amendment") by way of Resolution No. 94-35 and on June 23, 1994, the City
of Kansas City, Missouri adopted the First Amendment by Ordinance No. 940721;
and
WHEREAS,
on September 20, 1995, the Commission recommended adoption of the Second
Amendment to the Eleventh Street Corridor Tax Increment Financing Plan (the
"Second Amendment") by way of Resolution No. 95-84 and on November
21, 1995, the City of Kansas City, Missouri adopted the Second Amendment by
Ordinance No. 951478; and
WHEREAS,
on March 20, 1996, the Commission recommended adoption of the Third Amendment
to the Eleventh Street Corridor Tax Increment Financing Plan (the "Third
Amendment") by way of Resolution No. 96-30 and on April 11, 1996, the City
of Kansas City, Missouri adopted the Third Amendment by Ordinance No. 960295;
and
WHEREAS,
on September 9, 1998, the Commission determined not to adopt a proposed Fourth
Amendment to the Eleventh Street Corridor Tax Increment Financing Plan; and
WHEREAS,
on October 14, 1998, the Commission recommended adoption of the Fifth Amendment
to the Eleventh Street Corridor Tax Increment Financing Plan (the "Fifth
Amendment") by way of Resolution No. 10-2-98 and on November 23, 1998, the
City of Kansas City, Missouri adopted the Fifth Amendment by Ordinance No.
981334; and
WHEREAS,
on May 12, 1999, the Commission recommended adoption of the Sixth Amendment to
the Eleventh Street Corridor Tax Increment Financing Plan (the Sixth Amendment)
by way of Resolution No. 5-4-99 and on September 2, 1999, the Council approved
the Sixth Amendment by Ordinance No. 991015; and
WHEREAS,
an amendment to the Redevelopment Plan entitled "The Seventh Amendment to
the Eleventh Street Corridor Tax Increment Financing Plan" ("Seventh
Amendment") affecting the area described therein was proposed to the
Commission; and
WHEREAS,
the Commission has been duly constituted and its members appointed; and, after
all proper notice was given, the Commission met in public hearing and after
receiving the comments of all interested persons and taxing districts, closed
said public hearing on May 12, 1999 and on May 12, 1999 approved Resolution No.
5-4-99 (the "Resolution") recommending to the City Council the
approval of the Seventh Amendment; and
WHEREAS,
the intent of the Seventh Amendment is to revise Exhibit 4 to be consistent
with the proposal, testimony and balance of the Sixth Amendment; NOW,
THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. The recommendations of the Commission concerning the Seventh Amendment as
set forth in the Resolution attached hereto as Exhibit "A" are hereby
accepted and the Seventh Amendment, a copy of which is attached hereto as
Exhibit "B", is hereby approved and adopted as valid and the
Redevelopment Projects contained therein are hereby authorized.
Section
2. All terms used in this Ordinance shall be construed as defined in Sections
99.800 to 99.865 of the Revised Statutes of Missouri, as amended.
Section
3. In accordance with the recommendations of the Commission as set forth in
the Resolution, the City Council hereby finds that good cause has been shown
for amendment of the Redevelopment Plan, and that the findings of the City
Council in Ordinance No. 921355, Ordinance No. 940721, Ordinance No. 951478,
Ordinance No. 960295 and Ordinance No. 981334 with respect to the Redevelopment
Plan, as amended, are not affected by the Seventh Amendment and apply equally
to said Seventh Amendment.
Section
4. The Commission is authorized to issue obligations in one or more series of
bonds secured by the Eleventh Street Corridor Account of the Special Allocation
Fund to finance Redevelopment Project Costs within the Redevelopment Area and,
subject to any constitutional limitations, to acquire by purchase, donation,
lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or
other property, real or personal, or rights or interests therein, and grant or
acquire licenses, easements and options with respect thereto, all in the manner
and at such price the Commission determines, to enter into such contracts and
take all such further actions as are reasonably necessary to achieve the
objectives of the Redevelopment Plan pursuant to the power delegated to it in
Ordinance No. 54556. Any obligations issued to finance Redevelopment Project
Costs shall contain a recital that they are issued pursuant to
Sections 99.800 to 99.865, which recital shall be conclusive evidence of
their validity and of the regularity of their issuance.
Section
5. Pursuant to the provisions of the Redevelopment Plan, the City Council
approves the pledge of all funds that are deposited into the Eleventh Street
Corridor Account of the Special Allocation Fund to the payment of
Redevelopment Project Costs within the Redevelopment Area and authorizes the
Commission to pledge such funds on its behalf.
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Approved
as to form and legality:
_________________________________
Heather
A. Brown
Assistant
City Attorney